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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

With the exception of the five-year treasury indexed hybrid adjustable rate
mortgage (ARM), mortgage
rates remained virtually unchanged for the second week in a row according
to the results of the Primary Mortgage Market Survey conducted by Freddie Mac
for the week ended November 15.

The 30-year fixed-rate mortgage (FRM) remained at 6.24 percent with 0.4 point
for the second week while the 15-year FRM drifted down to 5.88 percent from
5.90 percent. Fees and points were unchanged at 0.4. As has been the case for
several weeks, both FRM products were at levels last seen in May of this year.

The one-year ARM was also unchanged from the 5.50 percent average rate for
the week ended November 8 although the average fees and points were down slightly
from 0.6 to 0.5.

The five-year hybrid ARM, however, did move up from 5.89 percent with 0.5 point
to 5.96 percent with 0.4 point.

"Higher productivity growth in the third quarter coupled with a larger-than-expected
decline in consumer confidence in November sent mixed signals to the current
state of the economy," said Frank Nothaft, Freddie Mac
vice president and chief economist. "As a result, there were no definite
upward or downward pressures on mortgage rates this week.

"On a positive note, the National Association of Realtors
reported this week an unexpected 0.2 percent gain in September's pending home
sales index, which suggests less of a decline in existing home sales for October
and November. That said, however, it should be noted the index is still 24 percent
below that in December 2006."

The average contract interest rate for 30-year FRMs dropped one basis point
to 6.18 percent with points, including the origination fee, decreasing from
1.16 to 1.01.

The 15-year FRM had a slightly larger drop, decreasing to 5.71 from 5.77 percent
with points going from 1.13 to 1.12 while the one-year ARM was unchanged at
5.98 percent although points did decline from 0.93 to 0.89.

The Market Composite Index, a measure of mortgage loan application volume,
decreased 3.6 percent from the previous week on a seasonally adjusted basis
and 5.2 percent on an unadjusted basis. The Index increased 9.8 percent from
the same week in 2006.

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